MySpace may have lost the social-networking battle to Facebook a long time ago, but it hasn’t given up the fight when it comes to music. Specific Media, which acquired the struggling site from News Corp. in June for $35 million, is betting that MySpace can become a dominant music player once again when it formally relaunches in early 2012.
“No other company has the rights MySpace has,” says Tim Vanderhook, who along with brother Chris is co-founder of Specific Media and CEO of MySpace. “Nobody has the relationships we have with the four major labels, the catalog of 25,000 independent artists and 42 million songs. If you take Facebook’s music announcements with Rdio, MOG and Spotify and you aggregated all those services up and took their audio catalog, it’s not even half of what MySpace has.”